Bitcoin’s Third Parabolic Run?
A well-known crypto analyst, Kevin Svenson, believes that Bitcoin (BTC) might be gearing up for its third parabolic run this cycle. He points to similar price action in 2017, where Bitcoin experienced three parabolic phases before reaching its peak.
Svenson believes that a renewed sense of optimism and regained momentum are all that’s needed for Bitcoin to enter this next phase. He supports this claim by pointing to technical indicators like the relative strength index (RSI) and moving average convergence divergence (MACD).
- The RSI, a momentum indicator, found support at a specific level during the second parabolic phase of this cycle.
- The MACD, a trend indicator, shows decreasing bearish momentum and increasing bullish momentum.
This could suggest that Bitcoin bulls are gaining control of the market.
It is important to remember that these are just predictions and the crypto market is highly volatile.
This is not financial advice.
